Ondo bridges tokenized stocks to Hyperliquid's HyperEVM, supporting on-chain trading of 35 assets including SPY, NVDA, and others. This is not just simple cross-chain transfer, but a combination of RWA and crypto derivatives—users can perform basis trading and funding rate arbitrage with tokenized spot stocks and perpetual contracts on Hyperliquid.

The underlying logic is: RWAs are no longer just passive holdings like "on-chain government bonds," but are beginning to embed into native crypto active trading strategies. Ondo Global Markets currently has a TVL of over $970 million, with a total trading volume of nearly $18 billion, making it the largest tokenized securities platform. Connecting to Hyperliquid now is like opening a perpetual contract interface for Wall Street assets.
But note, the liquidity of tokenized stocks still anchors to traditional exchanges, and on-chain prices depend on oracles. In extreme volatility or oracle delays, basis trading could turn into basis traps. Moreover, Hyperliquid itself operates with an on-chain order book model, so liquidity depth and slippage control still need to be tested.
This is not a story of "tokenization replacing Wall Street," but rather "crypto derivatives becoming part of Wall Street's pipeline." Capital is seeking new arbitrage opportunities, and the combination of Ondo and Hyperliquid conveniently provides this structure.
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